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MCX to list on March 9

Multi Commodity Exchange of India (MCX), world's fifth largest commodity exchange, is set to list its equity shares on Friday, March 9, 2012.

The company raised Rs 663.31 crore via issue of 64.27 lakh equity shares at upper end of price band of Rs 860-1032 a share.

The issue, which received overwhelming response and got subscribed 54 times, was opened for subscription during February 22-24.

It was an offer for sale, so selling shareholders will get entire funds. Promoter Financial Technologies holds 26% stake in the company post issue, which was earlier holding 31.18% stake.

Other selling shareholders include State Bank of India, GLG Financials Fund, Alexandra Mauritius Limited, Corporation Bank, ICICI Lombard General Insurance Company Limited and Bank of Baroda.

Fuel price hike on hold till Holi

The oil marketing companies will not be increasing petrol prices , and perhaps will refrain from doing so till after Holi.

Sources say this was decided after a meeting the oil marketing companies had with the oil secretary earlier today.

The OMCs want to hike prices by Rs 5 per litre, but have decided, this time round, to seek the government's advice on just when to do so.

OMCs are also pushing for a diesel price hike to help bridge the current under recover of over Rs 12 per litre. They believe this is the only option right now.

However, will the UPA-2 bite the bullet and hike fuel prices right now? Do remember Parliament will convene next week for the Budget session.

Oil companies likely to hike fuel prices after state polls

Petrol and possibly diesel prices are likely to be hiked by Rs 2-4 per litre once Assembly Elections in five states, including Uttar Pradesh, are completed this week. State-owned oil companies are losing about Rs 4 per litre on petrol, industry officials said.

Oil firms had last revised petrol prices on December 1 after which rates have not been changed because of Assembly Elections.

The industry, they said, has lost about Rs 900 crore since the last revision which was done at international gasoline price (the benchmark for deciding domestic retail rates) was USD 109 per barrel. Gasoline rates have since risen to over USD 125 a barrel.

"In all probability, petrol price will be increased after assembly polls," an official said.

Another official said diesel rates too may be hiked before the Budget session of Parliament that begins on March 12.

State-owned oil firms lose Rs 12.77 per litre on diesel. They also lose Rs 30.21 a litre on kerosene and Rs 378 per 14.2-kg domestic LPG cylinder.

Indian Oil Corp , Bharat Petroleum and Hindustan Petroleum are losing over Rs 410 crore per day on sale of diesel, domestic LPG and kerosene.

Officials said the call on raising diesel prices would be taken by an Empowered Group of Minister (EGoM) as and when it meets while petrol rates would be revised by oil firms themselves.

Petrol price were freed from government control in June 2010 but rates have not moved in tandem with imported cost.

While petrol price were last revised on December 1 when they were cut by Rs 0.78 per litre to Rs 65.64 per litre in Delhi, diesel currently costs Rs 40.91 a litre.

Rail Budget: Govt to reduce railway freight on iron ore

The governement has reduced the railway freight on iron ore meant for exports by 16% effective Tuesday, an industry body official said, a move expected to help exporters who have come under pressure after an increase in export duty in January.

The new freight has been set at Rs 2,425 (USD 48.48) per tonne of iron ore, down Rs 475 from the previous freight cost, said H.C. Daga, vice president with the Federation of Indian Mineral Industries.

"Exports (of iron ore) had already become unviable and this is a beginning in right direction, but it needs to be reduced much more," Daga said.

India hiked iron ore export duties to 30% in January to conserve supplies for its own steel industry, making shipments unviable and prompting traders to slash their export forecast for the year to March 2012.

"This will help exporters reduce losses and if they reduce export duty on lower grades, it would be even better," said Dhruv Goel, managing director with SteelMint, an iron ore trading firm.

India is one of the world's biggest exporters of iron ore and ships much of its product to China, which has the world's largest steel industry.

Iron ore exports are yet to resume from the southern state of Karnataka, which accounted for a quarter of shipments before the state government imposed a ban, even after the Supreme Court ordered the ban lifted in April last year.